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This tutorial demonstrates how to create a formula on an envelope or template using text boxes for fields like text box drop down and date signed. Regardless of the field type, only numbers and dates can be used in the text boxes. It's crucial to have data labels for reference when creating the formula. The process involves naming the text boxes, completing data labels, inputting the formula field, and clicking setup to select the fields for calculation. No need for equals signs, just add the fields and choose decimal places if necessary. Save the formula once completed.